Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 3 Oct - ICRA reaffirmed Shanthi Gears' [ICRA]AA(Stable) long-term and [ICRA]A1+ short-term ratings for ₹39 crore limits.
Source: Bse
Shanthi Gears Limited (SHANTIGEAR)
Small CapIndustrials stocks · Small cap · NSE
Shanthi Gears Limited operates in Gears, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals02 Oct 2026 · screener
Latest result16 Aug, 01:22 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
46NeutralSMA20 -2.6% / mo · MACD −
Stock trend: 43
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SHANTIGEARD candles · FIT view+11.9%Latest close ₹524.90 on 2026-10-19
Bar
-3.7%
RSI
36
MACD hist
-11.83
52W pos
39%
2026-10-19O ₹544.85H ₹544.90L ₹521.20C ₹524.90Vol 17,147 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SHANTIGEARNifty India ManufacturingNifty 500
- SHANTIGEAR
- +24.8%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +30.3 pp
Chart stats
19 Oct 2026- From 52W high
- -29.4%
- 52W range position
- 39%
- ATR (14)
- 5.9%
- Volume vs 20D
- 0.27x
- Avg traded value
- ₹3.6 Cr
- 20D price channel
- ₹521.2 - ₹723
₹743
₹384 - ₹743
₹30.8
Latest completed session
20-session average
40.5% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST45
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -14.4% · PAT -56.6% YoY
Technical
Neutral46
Price trend and sector-relative-strength timing.
Valuation
Legacy model-60.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence71
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -14% YoY · PAT -57% YoY · margin compression
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹115.5 Cr | -14.4% | -14.5% |
| EBITDA | ₹15.2 Cr | -50.2% | -36.5% |
| Operating margin | 13.1% | -948 bps | -454 bps |
| PAT | ₹9.9 Cr | -56.6% | -39.5% |
| PAT margin | 8.5% | -829 bps | -351 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 65.40
- P/B
- 10.00
- EV/EBITDA
- 41.52
- Market Cap
- 4401.00Cr
Profitability
- ROE
- 19.00%
- ROCE
- 25.60%
- ROA
- 11.51%
- Dividend Y
- 0.87%
Growth (CAGR)
- Revenue 5Y
- 19.00%
- EPS 5Y
- 32.00%
- Revenue 3Y
- 5.00%
- EPS 3Y
- 6.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 8.80
- Book Value
- 57.40
Cash Flow
- FCF Yield
- 0.57%
- FCF Positive Y
- 12/5
- OCF
- 70.00 Cr
- EPS TTM
- 8.31
Shareholding
- Promoter Hold
- 70.47%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 53%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 115-14.5% vs prev
Net Profit
₹ CrLatest: 9.8-39.5% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 36.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~2.7% over last month) — short-term momentum negative.
- RSI(14) at 36 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 29% off 52W high · 37% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
74
RS percentile
Stage 2 UptrendEstablished S2
1M return
-25.0%
3M return
+24.8%
6M return
+10.8%
1Y return
+4.8%
RS 1D
-1
RS 20D
-13
Sector rank
#2
Industry rank
#19
Stage evidence
- Price is 8.4% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.2%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
08 Sept 2026
S2 age
28 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 103.15-2.16%
RS vs Nifty 500103
Valuation & peers
U-Score 45 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 45 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth15/25
Quality12/20
Balance Sheet9/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
45
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
45/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 15/25 to the score.
- Quality contributes 12/20 to the score.
Main drags
- Fair-value margin of safety is negative at -60.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
65.4
PB
10.0
EV/EBITDA
41.5
ROE
19.0%
ROCE
25.6%
FCF Yield
0.6%
Debt/Equity
0.0
MoS
-60.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
45
Previous: 45
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-60.7%
Previous: -60.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
45
45
45
45
45
45
45
45
45
45
45
45
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹103.6
-406.7% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹326.58
-60.7% MoS
PEG
3.03
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
WPIL
Small
WPIL Limited
Industrial Machinery
match 62
41
25.7
10.7%
+44%
WATCHLIST
HARSHA
Small
Harsha Engineers International Limited
Industrial Machinery
match 61
41
27.3
10.5%
+34%
WATCHLIST
DEEDEV
Small
DEE Development Engineers Limited
Industrial Machinery
match 61
38
58.4
9.3%
-16%
WATCHLIST
JASH
Small
Jash Engineering Limited
Industrial Machinery
match 60
43
40.0
16.0%
+0%
WATCHLIST
COCKERILL
Small
John Cockerill India Limited
Industrial Machinery
match 59
18
183.0
8.9%
-6211%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer presentation review pending
Shanthi Gears Limited operates in Gears, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
71Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 66th percentile of the scored universe and 64th percentile within Industrials. Main check: results consistency is weak at 15/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
6 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
66th percentile
overall median 67 · Industrials: 64th pctile, median 68 · Small: 69th pctile, median 66
Evidence depth
Financial-only
6 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
72
acceptable · capital discipline
Results
15
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 70.5%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.5%.
- ▸12 years of positive FCF.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -5.7%.
- ▸0/4 latest quarters had positive YoY revenue growth.
- ▸0/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Shanthi Gears Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 3 Sep - Board appointed Sai Krishna Alluri CFO effective 3 Sep 2026; Helena Susan appointed Head-HR.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 13 Jul - Sukanta Kumar Panigrahi appointed Interim CFO effective immediately until regular CFO joins.
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 7 Jul - Shanthi Gears filed revised FY2025-26 annual report after missing notes to financial statements.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 6 Jul - Shanthi Gears submitted FY 2025-26 annual report to NSE and BSE.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.